I recently heard that many UK banks are dispensing with their safe deposit services, and it’s a trend that is mirrored in the United States. A number of US entrepreneurs, including Bryant Stone, have spotted an opportunity and are now offering private deposit facilities.
Stone operates a business called The Vault which houses safety deposit boxes of all sizes. Customers are able to store their valuables in secure and fire proof facilities and have 24 hour access to anything they need. It’s pretty much a straight replacement of what the banks were doing, but with easier access.
I don’t know a great deal about this market in the UK, but I do know that general storage facilities are booming. Perhaps people would welcome a secure storage facility to house their valuables and important documents.
Obviously this isn’t something to enter into without a great deal of planning, but here’s what I think is exciting about it – once you attract a customer, they will continue to pay you month after month and year after year. And there’s no additional work to do!